FDIC wants mortgage help for unemployed

The recession saw many get knocked down by the widespread job cuts and home foreclosures. The past year has seen many families go broke, jobless, and homeless in just a span of weeks. These issues continue to be the top concerns for the recovery.

If you think the FDIC is just there to aid failing banks and ensure that depositors get their money back, think again. The FDIC is pushing for a program that would give jobless homeowners a brief break on mortgage payments.

FDIC is pushing institutions that have bought failed banks and are participating in the loss-share program of the FDIC to reduce mortgage payments for at least six months. Around 53 banks mostly comprised of regional and community banks are under such arrangements with the FDIC.

While this will only cover a few institutions, the help will be much appreciated by those affected.

Related posts:

1. FDIC: 133 failed banks so far
2. Government targets mortgage scams
3. Five ways to pay mortgage quickly
4. House approves changes in mortgage rules
5. Mortgage delinquencies at all-time high